RBA governor Philip Lowe (Image: AAP/Joel Carrett)

The Reserve Bank’s (RBA) first board meeting of the year today will see it change the tone (albeit slightly) of its outlook to reflect the obvious improvement in the economy since it last met in early December.

But the big question is how it frames the challenge of cushioning the economy against the elimination of the JobKeeper and JobSeeker subsidies.

Upwards of a million workers are still on some sort of jobs subsidy. If they're dumped on to the still inadequate unemployment benefit ($40 a day as urged by some business groups such as the Australian Chamber of Commerce and Industry), the RBA will be the only policymaker available to try to soften the impact and protect the recovery in demand, especially from consumers.